Ince Group profits triple following international expansion

(Sharecast News) - Ince Group, formerly known as Gordon Dadds Group, on Thursday reported that its interim profits tripled after acquisitions at home and abroad spurred a three digit jump in revenue.
The legal and professional services provider booked a profit before tax of £10.7m for the six months ended 30 September, which marked a 201.0% leap from the same period last year, as revenue surged by 125.0% to £45.3m.

Even so, Ince left its interim dividend unchanged at 2.0p per share.

The AIM traded company said this increase in turnover was due to the first-time inclusion of the Ince UK business and overseas offices, together with estimated organic growth of 5.0%.

The UK business was snapped up in December last year, while international operations in Hong Kong, Singapore, Dubai, Greece and Germany were brought into the fold back in April.

Chief executive Adrian Biles said: "The second half of the year traditionally provides the majority of the group's profits and the lateral appointments we have made will largely show through next year. The attractions of our model and approach are being recognised amongst senior lawyers and professionals in major financial markets around the globe as can be seen from the quality of our newest hires."

"I remain confident that the business can continue to develop from here generating increasing revenue and profits."

The company also appointed Mark Tantam as global head of consulting, a new position that will see Tantam report directly to the chief executive and take a place on the executive committee.

The new hire is a trained barrister who has spent the last two decades working as a forensic partner at Deloitte UK, leading the forensics business for seven years and serving time as one of the firm's vice chairs.

Ince Group shares were up by 3.18% at 123.30p at 1317 GMT.